Sears Holdings Corp. stock climbed Thursday morning as Chairman Edward Lampert purchased 2.39 million shares of the Hoffman Estates-based retailer’s stock according to a regulatory filing.
Sears shares closed up $5.26, or more than 10 percent, to $57.37 Thursday.
Lampert who, before the share purchase owned 62 percent of the company, now owns more than 23.4 million shares directly and more than 35.3 million shares indirectly, through ESL Partners L.P., RBS Partners L.P. and ELS Investments, Inc.
The move comes after Sears shares dropped 7 percent after the company was booted from the S&P; 500 late last month. Sears shares are have been up as high as 87 percent this year, and are currently up 71 percent, according to figures from Morningstar. Sears market cap is 6 billion.
Lampert, a billionaire hedge fund manager, took control of Sears in 2005. Since then, it’s sales have declined and its has sold off assets, including some of its Canadian operation and its Hometown and Outlet stores. Some industry watchers have speculated that Lampert could sell of its popular Lands’ end business and will eventually take the company private.
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